Earlier this year, Luca di Montezemolo said Ferrari won’t build any electric supercars as long as he’s the Big Kahuna in Maranello. On the other hand, the Italian company is looking to develop new hybrid vehicles.

The brand’s first hybrid is the new LaFerrari supercar, recently unveiled at the Geneva Motor Show. Priced at over $1 million it mates a 789 hp 6.3-liter V12 engine to an electric motor, which adds an extra 162 hp for a total system output of 950 hp.

The 60 kilogram battery pack in the cabin floor is charged during braking and also when the gas engine is producing more torque than needed to move the car, in which case that torque is converted to energy and stored.

Ferrari said the high-torque from start-up of the electric motor let engineers design the gas engine for maximum power at higher revolutions
it puts out peak power at 9,000 rpm. The car never runs on electricity alone. The system uses a 7-speed, dual-clutch transmission.

Porsche is also driving the trend, showing at Geneva the 918 Spyder that debuted three years ago as a concept car. The car is slated to go on sale this year at a price tag of (EURO)650,000 ($870,000).